US stocks slide for second day as earnings reports loom; AbbVie falls after raising Shire bid

  • Article by: Associated Press
  • Updated: July 8, 2014 - 11:01 AM

NEW YORK — U.S. stocks are moving lower for a second day in a row as investors position themselves for corporate earnings reports.

The Dow Jones industrial average fell 137 points, or 0.8 percent, to 16,886 at midday Tuesday. Boeing and Goldman Sachs fell the most in the index.

The Standard & Poor's 500 index lost 15 points, or 0.8 percent, to 1,962. The Nasdaq fell 72 points, or 1.6 percent, to 4,378.

The Dow and the S&P 500 set record highs last week.

AbbVie fell $1.63, or 3 percent, to $55.77 after the company raised its offer to buy rival drugmaker, Shire.

Major U.S. companies start reporting their earnings this week, beginning with aluminum maker Alcoa later Tuesday.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.57 percent.

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